Forex: GBP/USD Technical Analysis – Resistance Sub-1.57 at Risk
GBP/USD Technical Analysis – Prices broke resistance at a falling trend line set from mid-December, hinting a larger-scale upward reversal is in progress. Near-term resistance from here is at 1.5657, the 50% Fibonacci expansion, with a break above that eyeing the 61.8% mark at 1.5713. Near-term support is at 1.5602, the 38.2% Fib.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE